Careem Takes Minority Stake in UAE-Based Car Rental Platform Swapp This new minority stake will enable Careem and Swapp to deliver even more innovative solutions to simplify car rental services across the region.

Swapp, a UAE-based online car rental service, expands its strategic partnership with the Careem Everything App, with Careem now owning a minority stake in the company.

Careem integrated Swapp into its app as Careem Car Rental in 2022, expanding mobility options in the UAE to include car rental and subscription services. The addition of Swapp further expanded the range of digital mobility, delivery and fintech services available through the Careem Everything App.

This new minority stake will enable Careem and Swapp to deliver even more innovative solutions to simplify car rental services across the region. From instant KYC for seamless onboarding within minutes, to one-hour car delivery enabled by smarter fleet dispatching, and real-time vehicle tracking through driver app integration giving users live visibility as their car arrives.

Customers will also be able to swap their car rental on demand based on changing needs and even opt for a lease-to-own pathway, offering a flexible route to vehicle ownership, all from within the Swapp platform.

Uzair Moosa, CEO at Swapp, commented, "Being embedded within the Careem app has enabled us to connect thousands of customers in the region to flexible car rental with unparalleled convenience and cost-savings. Over the months ahead we're excited to expand our regional presence and offer our customers new multi-month deals and even faster fulfillment."

Adeeb Warsi, Chief Operating Officer at Careem, said, "The opportunity for car rental services continues to rise as more and more people opt for flexible and affordable means of transportation. Swapp's supply of high-quality vehicles and smooth digital experience has delivered immense value to our customers' lives and we're excited to further expand our reach into this fast-growing segment."